Metretek (AMEX:MEK)
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From Jun 2019 to Jun 2024
The Board of Directors of Metretek Technologies, Inc. (Amex:MEK)
announced that its two co-founders, W. Phillip Marcum and A. Bradley
Gabbard, have retired. Both Marcum and Gabbard will continue to serve on
the Board until the company’s Annual Meeting
of Stockholders on June 11, 2007.
Sidney Hinton — who joined the company in 2000
and will continue to serve as president and chief executive officer of
PowerSecure, Inc., the company’s largest
operating subsidiary — has been appointed
president and CEO of Metretek Technologies. Gary J. Zuiderveen —
who joined the company in 1994 as controller and was elected a vice
president in 2005, and who for most of his tenure has also served as its
principal accounting officer — has been named
to the additional position of chief financial officer.
Marcum will continue to serve as chairman until the Annual Meeting in
June, when Basil M. Briggs, an independent director and the chairman of
the compensation committee, will become the company’s
non-executive chairman of the board. Hinton will be nominated to the
board at the Annual Meeting.
“Since founding Metretek sixteen years ago,”
said Marcum, “Brad and I have had to make
countless decisions that have affected the company in myriad ways. In
hindsight, none was more fruitful than our May 2000 invitation to Sidney
Hinton to join Metretek and assist us in diversifying and expanding the
company’s business. Since joining Metretek,
Sidney has exhibited a rare combination of talents: a true
entrepreneurial spirit complemented by exceptional marketing and
managerial skills. Notably, he recognized and was able to exploit an
opportunity in the emerging field of distributed generation, such that
PowerSecure’s revenues have grown tenfold —
from less than $10 million in 2001, its first full year of operation, to
almost $100 million in 2006. This extraordinary record of accomplishment
supports today’s announcement.”
“During the past year Phil and I have
explored with other board members the question of succession —
often the most difficult decision faced by a company’s
founders — and the feasibility of putting the
management of Metretek in younger hands,”
said Gabbard. “The appointments announced
today reflect complete unanimity within the board, and they follow
extensive discussions in which our foremost goal was to ensure the
company’s future while promoting the best
interests of all its shareholders. Sidney and Gary are thoroughly
familiar with the company and its operations, and each is dedicated to
Metretek’s continuing success. Although Phil
and I stand ready to assist Sidney and Gary as needed during our
remaining two months on the board, one should know that the transition
is already well under way.”
“I greatly appreciate the trust that the
board has put in me,” said Hinton, “and
I look forward to building on the solid foundation that is the legacy of
Metretek’s founders. Phil and Brad have shown
exceptional foresight in anticipating and capitalizing on ever-changing
trends within the energy industry, and in doing so they have never lost
sight of the fact that second only to its customers, a company’s
most important constituents are its shareholders. Without their vision,
Metretek would not be where it is today. Nor would we have had the
infrastructure on which to build PowerSecure’s
business. I join all Metretek’s shareholders
in expressing my heartfelt gratitude to Phil and Brad for their
diligence and hard work.”
Since beginning his career in the power industry in 1982, Hinton, who
has an MBA from Emory University, has acquired a deep understanding of
the opportunities and challenges facing electric utilities and their
customers. Responsibilities have included finance, sales, and marketing.
During his fifteen-year tenure at Southern Company and Georgia Power (a
subsidiary of Southern Company, one of the largest electric utilities in
the U.S.), he was given the opportunity to establish a business unit to
develop and market products and services to commercial and industrial
customers that allowed them to use energy more efficiently in their
operations — providing the foundation for
PowerSecure’s business model, which
emphasizes partnering with utilities to better serve their customers.
About Metretek Technologies:
Metretek Technologies, Inc. through its subsidiaries -- Southern Flow
Companies, Inc.; PowerSecure, Inc.; and Metretek, Incorporated (Metretek
Florida) -- is a diversified provider of energy measurement products,
services and data management systems to industrial and commercial users
and suppliers of natural gas and electricity.